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Joseph Bonanno (MBA, JD), is admitted to the Massachusetts Barand Federal Bar for the District of Massachusetts, specializing in the representation of those in the equipment leasing industry. In addition to maintaining his own practice, he is General Counsel to the National Association of Equipment Leasing Brokers (NAELB).

The CLP designation is something that is valuable to all those in the leasing industry, including licensed professionals such as myself that take pride in their level of service to the industry. There are a few topics pertaining to the CLP that I would like to touch on:

• The exam and studying. If you are committed to this industry, then the exam is something that you can successfully pass. Yes, it is work and study time, but it can be done at your leisure. I spent most of my time studying for the exam at the beach on Sunday afternoons. The study process was similar to what I went through in law school: read the material, create your own outline and condense that outline. That way, the night before the exam you are studying perhaps 15 - 20 pages of material, not looking through the entire handbook in a panic. Like any other test, study and preparation are keys to success. I am convinced that anyone that has experience in the industry, studies seriously for the exam and takes the exam seriously will be successful in the exam. The exam was a full day exam, but the most important thing to remember about the exam was that you could always try again. In fact, I looked at the exam not as intimidating, but as something that was fun, a chance to show exactly what I knew about leasing.

• The reasons to become a CLP. There are both personal and industry reasons for becoming a CLP. In a selfish way, I can address the personal reasons. Passing the CLP examination demonstrates a mastery of the body of knowledge that is required to be proficient in the leasing industry. From the perspective of the industry as a whole, an industry - wide designation of proficiency in the industry is a much better alternative than industry - wide regulation. Therefore, it is beneficial to the industry as a whole to encourage industry participants to participate in the CLP program. Think of it as your contribution to helping avoid industry regulation.

• Why I took the CLP. Professional Development, that's key to any business ranging from the practice of law to equipment leasing. It is important for anyone in any industry to continue to educate themselves, to obtain knowledge that makes them more competitive in what they do and to have a finer appreciation for the reasons why an industry functions the way that it does. Equipment leasing by definition is multi-disciplined and multi-dimensional. The CLP credential demonstrates that the CLP has an understanding of the multi-disciplines that are required to be proficient in the leasing industry. This understanding is what, in my opinion, leads to professional development in the leasing industry.

And selfishly, the CLP designation helps me to better serve my leasing industry clients. And it can do the same for those in the industry that want to serve their customers, vendors funding sources or brokers. I recommend the CLP program for individual professional development and advancement in the industry.

Several readers state this is “old news.” News of cut backs going back to 2009, and then in 2011 announcements were made about several divisions. This was not announced earlier, according to those affected, and the layoffs are wider than Irving, Texas. And may be in the “several hundreds.”

Leasing News has verified that the entire Portfolio Management Team for the Transportation Group (sic: financing H.D. and M.D. trucks and trailers) located at 300 E. Carpenter Freeway, Irving, TX was dismissed on 10/5/12. This group was often referred to as Transportation Finance (“TFS”) and was formerly with CitiCapital Commercial Corp fka Associates Commercial Corp). The work was reportedly transferred to Cedar Rapids, Iowa

Whether employees were offered jobs elsewhere is not known, as GE Capital is not responding to inquiries. However, to put this into perspective, GE Capital is divided into GE Capital Aviation Services, GE Capital Real Estate, GE Energy Financial Services, and GE Money, operating in 50+ countries with 50,000+ employees, according to their web site:http://www.gecapital.com/en/our-company/company-overview.html?gemid2=footer0401

So in a numbers viewpoint, it may not be a lot of people let go and may not be subject to a press release from GE Capital; however, if you are one of those laid off, it is quite important.

1. Don't have the cash, pay for use over time.
2. Better Management of Cash Flow so can pay bills.
3. Cash for account receivable discounts and other discounts.
4. Less hassle than going to my bank.
5. May help cut overhead with better, faster equipment, computers, et. al.
6. May help in up-grading equipment sooner; better planning/results.
7. Don't need to bring in a partner or investors.
8. Keeps current credit cards and arrangements with other creditors in line.
9. Take advantage of current depreciation allowances.
10. Equipment to improve productivity, efficiency, perhaps cut overhead.

The latest survey indicates the Top Five Reasons for Choosing Leasing:

#1 There are two tiers to the site, one is free, and the other is a subscription for "leads" or "sources". http://www.cfol.com/index.html?content=loginpage The success of Internet portals such as My Yahoo! have inspired companies to develop Enterprise Information Portals (EIPs) as a way to allow business users to access corporate information.

In a Payoff Situation, When Should a Secured CreditorRelease Its Collateral?

Today, we have a simple case of two secured creditors which fouled up the payoff process to such an extent that their secured loans were deemed unsecured by the Bankruptcy Court.

The case is In re Mouton, 2012 WL 3887166 (Bkrtcy. E.D. Ark. 2012)

In Moulton, the Debtor received a bundle of money from a Nigerian email scam, which of course consisted of counterfeit checks, and decided to pay off his Toyota car. The Debtor logged onto Toyota’s web site, made an ACH payment, and Toyota cheerfully released its security interest and even was so nice as to send the clean title to the Debtor straight away.

But the Nigerian check was counterfeit, and the deposit bounced. Because the Debtor’s deposit was bad, the ACH was also bad, and Toyota’s loan remained unpaid—but it released the title to the Debtor anyway.

Unsatisfied with scamming the first secured creditor, the Debtor then took his clean title and sought a loan from First Security Bank. The Debtor offered up his clean title, they cheerfully wrote out a check to him and processed the title. But they took their time doing so, and by the time that the Bank’s security interest was to be entered on the title, the Debtor filed for Bankruptcy.

So when the music stopped, the two Creditors, Toyota and First Security Bank, didn’t have chairs. What made it worse, the two Creditors then turned on each other, each claiming a security interest in the Toyota.

The Bankruptcy Court held that both were unsecured and the collateral would be sold for the benefit of all the unsecured creditors. The Court got the right decision here, and it’s hard to pick favorites among the two creditors both of which failed to properly service their loans in an appropriate manner.

The quick lesson from this case to the secured creditor is not to release security or loan proceeds until the check clears and the security is filed; perhaps wait 30 days. But my best advice, if the lessee wants a release quicker, then he/she should bring cash or a cashier’s check.

In the story on Wednesday regarding "US banks sees branches cut, deposit glut" (1) it was noted the industry saw 867 branches closed during the year ending June 30,2012 compared to 316 closed in the same time period the year before. There is actually more to the story as there has been branch growth in Southeastern cities and the West.

According to SNL Financial, "Among metropolitan areas with more than 1 million residents, the Greater Miami area led all metros in branch growth, with the bulk of the rest of the top 11 landing on the West Coast. The Los Angeles metro was second, followed by Greater Portland, Ore., and the metro surrounding San Jose, Calif. Also making the list were San Francisco, Seattle, San Diego and Greater Sacramento, California."

The branches also brought in deposit growth.

It also seems the correlation between more branches and more deposits is not necessarily so as other factors such as age of customer, growing economy, and the banks' emphasize itself on its marketing plan play a major role as noted in this chart below:

The crux of becoming a Certified Lease Professional is passing a test that takes from six to eight hours to complete, plus recertifying every four years. Recertification does not require an examination. There are mentors who help those who want to take the test, who do not charge for their time. There are “schools,” but the main means to pass the test is to read and study “The Certified Lease Professionals' Handbook.”

The book is considered by many the “bible” of the equipment leasing industry. While there have been many books on the subject, from James M. Johnson, Ph.D. & Barry S. Marks “Power Tools for Leasing,” David G. Mayer's “Leasing for Dummies, (now out of print)” to books written by the late Peter Nevitt, or collections from Ted Parker, CLP, Shawn Halladay, Sudhir Amembal, and the legal tome by the late Jeffrey Wong, Esq., the book used for study is considered the most thorough to pass the test.

The CLP program was started in 1984 by the members of the Broker's Committee of the Western Association of Equipment Lessors (“WAEL”). The original qualifications relied on a complex point system, which was subsequently changed to the current time-in-business standard.

At present, candidates wishing to sit for the Certification exam must have been in the equipment or commercial finance business for at least three years.

Originally, there were no study material for courses. Then in 1990 a group of CLPs and other professionals produced the Home Study Course. This large loose-leaf manual covered the thirteen subjects treated in the Certification exam.

In 1995, the Board of Directors of the United Association of Equipment Leasing (“UAEL”) (formerly WAEL) asked Ray Williams, Ph.D., the then Executive Director of the association, to produce a textbook for the CLP program, due to an upsurge in interest in the program. Ray asked for my assistance, as I was then Chairman of the Education Committee and therefore nominally in charge of the CLP program.

Ray and I developed the First Edition of the Leasing Professionals' Handbook, using the Home Study Guide as base material. The format was trade paperback, smaller and handier than the loose-leaf binder that preceded it. We recruited additional authors, including Ken Greene, Esq., Oren Hall, Robert Herrick, Bob Rodi, CLP, and Matt Shieman. I authored a chapter and Ray was the overall editor, giving the book a consistent look and editorial style.

The book proved popular and was republished as a Second Edition with minor changes and corrections. Both editions retained the original format, covering the then thirteen subjects of the Certification exam.

The Exam now has 15 sections (1). Presently sections on Insurance, Agricultural Leasing and Advanced Pricing will be added to the exam because these topics were added to the current 4th Edition Handbook.

In 2000, the CLP Program was spun off by UAEL into a free-standing foundation, the CLP Foundation. The original three groups that supported the program changed with UAEL and the Eastern Association of Equipment Lessors (“EAEL”) merging. The National Association of Equipment Leasing Brokers (“NAELB”) also continues to support the program. The Foundation today is comprised of individual CLP's, rather than of companies. It has its own officers and Board of Directors, and is administered by its Executive Director, Reid Raykovich, CLP.

"I am already spayed, housetrained, up to date with shots, and not good with dogs.

CHLOE's Story...

"Chloe, rescued from high kill Devore Shelter a few days before she delivered her puppies, is a cocker spaniel/dachshund cross. She is very affectionate, seeks attention, loves to go on walks and roll in the grass. Only 12" high, weighing 24lbs, she is spayed, vaccinated, micro-chipped and had her teeth cleaned. She is ready for her new forever home. Chloe would prefer to be the only dog in your home."

“To meet CHLOE, please go to our website www.BFFK9Rescue.org to the adopt page to learn more about our adoption process, policies and to download or complete an online application. Please complete online application or email to adopt@BffK9Rescue.org.

“We make every effort to contact you ASAP. Applications are not first come, they are based on best fit for the household and our BFF pup.”

680 - Imam Hussein, grandson of Prophet Mohammed, was beheaded. He was killed by rival Muslim forces on the Karbala plain in modern day Iraq. He then became a saint to Shiite Muslims. Traditionalists and radical guerrillas alike commemorate his martyrdom as the ceremony of Ashura. The 10-day mourning period during the holy month of Muharram commemorates the deaths of Caliph Ali’s male relatives by Sunnis from Iraq.
732 - At Tours, France, Charles Martel killed Abd el-Rahman and halted the Muslim invasion of Europe. Islam's westward spread was stopped by the Franks at Poitiers.
1798 - Secretary Benjamin Stoddert, first Secretary of the Navy, sent the first instructions to cutters acting in cooperation with the Navy in support of the Quasi-War with France, via the various collectors of customs.
1804 - A famous snow hurricane occurred. The unusual coastal storm caused northerly gales from Maine to New Jersey. Heavy snow fell across New England, with three feet reported at the crest of the Green Mountains. A foot of snow was reported in the Berkshires of southern New England, at Goshen
1812---Birthday of Elizabeth Fries Lummis Ellet - U.S. author who was one of the first to record the lives of women. Her three volume Women of the American Revolution (vols 1 & 2 in 1848 and vol 3 in 1850) are masterpieces of research into primary sources. In all, 160 women are examined and saved for posterity. She wrote other books such as Domestic History of the American Revolution (which shows that real women were actually alive during those times ;-o) and Pioneer Women of the West. In all she wrote more than a dozen books that preserved a great deal of women's past
1845- the Naval academy was established at Windmill Point, Fort Severn , Annapolis , MD , on a nine-acre site. I t officially opened with 56 students. On July 1, 1850, the name was changed to the U.S. Naval Academy. The following year, the academy instituted a standard four-year program. From may 9, 1861 to September 9, 1865, while Maryland was part of the Confederacy, the academy was transferred to Newport , RI .
( lower half of: http://memory.loc.gov/ammem/today/oct10.html)
1850-The Chesapeake & Ohio Canal was completed and opened for business along its entire 184.5 mile length from Washington, DC to Cumberland, Maryland. Sections of the canal opened for navigation as they were completed; fromGeorgetown
in Washington, DC toSeneca
, Maryland in 1831; then toHarpers Ferry
in 1833; toHancock
in 1839; and finally toCumberland
in 1850. Commerce traveled primarily on the water, not roads which were subject to weather and “poor” even in the best of times; and by wagon train.http://memory.loc.gov/ammem/today/oct10.html
1855-A mob in Columbia hanged John S. Barclay. The sheriff there tried to save the unfortunate man from the noose, but was repulsed.
1874- Beatrice Moses Hinkle birthday- U.S. physician. As San Francisco 's city physician, she was the first U.S. woman to hold a public health post. She was one of the two physicians who established the nation's first psychotherapeutic clinic. She was among the earliest Jungian analysts in America , having rejected Freud with whom she'd personally studied. She was among the earliest practitioners of Jungian analysis in America , and contributed to the conceptual framework of the theory. Her Recreating of the Individual (1923) took a strong stand regarding women individuality. It was noted particularly for its chapters on women and artists.http://www.webster.edu/~woolflm/hinkle.html
1881- Ethel Traphagen birthday- U.S. fashion designer, influential founder of Traphagen School of Fashion design.http://askart.com/Biography.asp http://costume.osu.edu/The_Collection/traphagencollection.htmhttp://tirocchi.stg.brown.edu/essays/shaw_12.html
1886- Gris­wold Lorillard of Tuxedo Park, NY, fashioned the first tuxedo for men. Pierre Lorillard IV, heir to a tobacco fortune and the biggest landowner in town, asked his tailor to create four new formal black jackets modeled after the tailless red wool coats worn by English for hunters. Lorillard declined to wear the result, but his son Griswold Lorillard and three of his friends did along with waistcoats of scarlet satin, and the look caught on. Some say this is more fiction than fact, but history records the Tuxedo Club and Lorillard responding on wearing it that it was a Tuxedo.http://www.invisibleheroes.com/hero.asp?issue=124
1900- Helen Hayes birthday - U.S. actress; the winner of every award possible for an actor on the stage, in the movies, and TV. She began her acting career at age 5 and continued it for more than 85 years winning Academy Awards, Tonys, and Emmys. She received The Medal of Freedom (1986), the Kennedy Center Honors (1981), and even had a Broadway theater was named after her. An award in her name established for achievement in professional theater. Died March 17, 1993http://www.cmgww.com/stars/hayes/about/biography.html http://www.cmgww.com/stars/hayes/ http://www.helenhayes.org/about/about_helen.html http://www.stevemoore.addr.com/hayes.html
1902--- Kalamazoo, MI, mandolin maker Orville Gibson founds the Gibson Mandolin-Guitar Mfg. Co, Ltd. In 1936 it would create the first commercially successful electric guitar.
1905-birthday of Willie “The Devil” Wells, Baseball Hall of Fame short-stop born at Austin , TX . Wells is generally considered the greatest shortstop to play in the Negro Leagues. As manager of the Newark Eagles, he developed several players, who became major leaguers. Inducted into the Hall of Fame in 1997. Died at Austin , Jan 21, 1989..
1915- famous Count Basie trumpeter and soloist Harry “Sweets” Edison born, Columbus , Ohio
1917-October 10, Pianist/composer Thelonious Monk Birthdayhttp://www.monkinstitute.com/
1921-Birthday of bass player Monk Montgomery, Indianapolis , IL1920- Indians' Bill Wambsganss becomes the only player in World Series history to complete an unassisted triple play as he makes a leaping catch, steps on second base and then tags the runner from first base.
1923- In the first post season game ever played at Yankee Stadium, veteran Giant outfielder Casey Stengel breaks a 4-4 deadlock in the top of the ninth inning with an inside-the-park HR off Joe Bush. It is the first World Series game to be broadcast nationally
1928 - The temperature at Minneapolis, MN, reached 90 degrees, their latest such reading of record.
1928-Birthday of piano player Junior Mance, Chicago , IL
1933- Procter and Gamble, Cincinnati , OH developed the first synthetic laundry detergent, whose formula included a surfactant to emulsify dirt, and called it Deft. The first effective powdered detergent made for use in washing machines , and the first to contain a phosphate compound as a water softener, was Tide, developed by Procter and Gamble in 1946. 1943-Birthday of guitarist Steve Miller, Dallas , TX
1935-Premiere of Jazz opera Porgy and Bess, by George Gershwin. One of Gershwin's greatest works, the opera blended African American folk music, jazz, Tin Pan Alley, and classical styles. The show included the classic song "Summertime," among other classics, brought modern by Gil Evans and Miles Davis.
1939--The real Eleanor Rigby died in her sleep of unknown causes at the age of 44. The 1966 Beatles' song that featured her name wasn't really written about her, as Paul McCartney's first draft of the song named the character Miss Daisy Hawkins. Eleanor Rigby's tombstone was noticed in the 1980s in the graveyard of St. Peter's Parish Church in Woolton, Liverpool, a few feet from where McCartney and Lennon had met for the first time in 1957.
1941 - The destroyer USS Kearney is attacked by a German, submarine. In the attack, ten sailors are killed and scores injured. America suffers its first war casualties in World War II. Pearl Harbor is still seven weeks away.
1944-BONG, RICHARD 1. (Air Mission)
Rank and organization: Major, U.S. Army Air Corps. Place and date: Over Borneo and Leyte, 10 October to 15 November 1944. Entered service at: Poplar, Wis. Birth: Poplar, Wis. G.O. No.: 90, 8 December 1944. Citation: For conspicuous gallantry and intrepidity in action above and beyond the call of duty in the Southwest Pacific area from 10 October to 15 November 1944. Though assigned to duty as gunnery instructor and neither required nor expected to perform combat duty, Maj. Bong voluntarily and at his own urgent request engaged in repeated combat missions, including unusually hazardous sorties over Balikpapan, Borneo, and in the Leyte area of the Philippines. His aggressiveness and daring resulted in his shooting down 8 enemy airplanes during this period.
1944 - Nearly two hundred of Admiral Halsey's planes struck Naha, Okinawa's capital and principal city, in five separate waves. The city was almost totally devastated. The American war against Japan was coming inexorably closer to the Japanese homeland.
1948 -The largest crowd ever to attend an American League game, 86,288 fans, jam Cleveland's Municipal Stadium to witness Boston Brave hurler Warren Spahn beat Bob Feller and the Indians, 11-5 in Game 5 of the Fall Classic.
1950---Top Hits
Goodnight Irene - The Weavers
La Vie En Rose - Tony Martin
Bonaparte's Retreat - Kay Starr
I'm Moving On - Hank Snow
1953--Stan Freberg's "St. George and the Dragonet" hits #1
1956--Elvis Presley's "Love Me Tender" entered the Billboard chart for a 19 week stay. It was #1 for 5 of those weeks. The song, from Presley's first film of the same name, was adapted from the tune "Aura Lee", written in 1861.
1957- “Zorro” premiered on TV. Originally he appeared in a McCulley novel and several films. Don Diego de Ia Vega (Guy Williams), a Spanish nobleman, is summoned to California by his father, Don Alejandro (George J. Lewis), to fight for the people. Diego's alter ego is Zorro, a dashing and assertive defender of the people. My father Lawrence Menkin wrote several of these episodes. He was well known as a TV Western writer, serving as story editor for Wagon Train, writing for Bonanza, Death Valley Days, Cisco Kid, among many others. Although the last telecast of Zoro was Sept 24, 1959, the series reappeared in later years, first as a remake and then as a sequel, and once again was made as a movie, titled The Mask of Zorro, in 1998.
1958---Top Hits
It's All in the Game - Tommy Edwards
Rock-in Robin - Bobby Day
Tea for Two Cha-Cha - The Tommy Dorsey Orchestra
Bird Dog - The Everly Brothers
1959-- Paul McCartney helps to force the last non-Beatle member of the Quarrymen, Ken Brown, from the skiffle group after Brown gets paid for an engagement at Liverpool's Casbah Club for which he was too sick to perform. This leaves the Quarrymen as John, Paul, and George; by May of the following year, the group, now featuring Stu Sutcliffe and Pete Best, would be known as the "Beatals."
1959- Stan Kenton, June Christy, Four Freshman record Road Show album at Purdue University .
1960-A silly novelty song called "Mr. Custer" by Larry Verne was the number one single in America. The record told a story about a US cavalry trooper who tries to talk his way out of fighting the Sioux Indians at Little Big Horn in 1876.
1962- Bob Newhart Show” premiered on TV. This half-hour variety series was hosted by Bob Newhart, a successful stand-up comedian famous for his trademark “telephone conversation” monologues. Regu­lars included Jackie Joseph, Kay Westfall, Jack Grinnage, Mickey Manners, Pearl Shear, June Ericson, Andy Albin and announcer Dan Sorkin. The show was critically acclaimed, winning both an Emmy and a Peabody in its short time on the air. Newhart later starred in situation comedies. In “The Bob Newhart Show,” which aired 1972—78 he played a psychologist.
1965 - Ronald Reagan spoke at Coalinga Junior College and called for an official declaration of war in Vietnam.
1965-The Supremes make the first of many appearances on the Ed Sullivan Show.
1966—Top Hits
Cherish - The Association
Reach Out I'll Be There - Four Tops
96 Tears - ?(Question Mark) & The Mysterians
Almost Persuaded - David Houston
1970 - Neil Diamond reached the #1 spot on the pop music charts for the first time with "Cracklin' Rosie". In 1972, Diamond would reach a similar pinnacle with "Song Sung Blue".
1971- “Up-Stairs, Downstairs” premiered on TV.. The 52 episodes of this “Mas­terpiece Theatre” series covered the years 1903 to 1930 in the life of a wealthy London family (“Upstairs') and their many ser­vants (“Downstairs”). Produced by London Weekend Television, cast members included Angela Baddeley, Pauline Collins, Gordon Jackson and Jean Marsh. Won a Golden Globe for Best Drama TV Show in 1975 and an Emmy for Outstanding Limited Series in 1976.The last episode aired May 1, 1977, though the series has been rerun several times on PBS.
1974—Top Hits
I Honestly Love You - Olivia Newton-John
Nothing from Nothing - Billy Preston
Then Came You - Dionne Warwicke & Spinners
I Love My Friend - Charlie Rich.
1979-Fleetwood Mac receives a star on the Hollywood Walk of Fame.
1979-A motion picture called The Rose, starring Bette Midler as a Rock singer, (transparently based on Janis Joplin) premieres in Los Angeles.
1982---Top Hits
Jack & Diane - John Cougar
Eye in the Sky - The Alan Parsons Project
I Keep Forgettin' (Every Time You're Near) - Michael McDonald
Yesterday's Wine - Merle Haggard/George Jones
1989 - Thunderstorms produced torrential rains along the northeast coast of Florida. Augustine was deluged with 16.08 inches of rain. The heavy rain caused extensive flooding of homes and businesses, and left some roads under three feet of water. Ten cities from South Carolina to New England reported record low temperatures for the date, including Concord NH with a reading of 23 degrees. Temperatures dipped into the 30s in the Carolinas.
1990---Top Hits
Close to You - Maxi Priest
Praying for Time - George Michael
Something Happened on the Way to Heaven - Phil Collins
Friends in Low Places - Garth Brooks
1992-Spiro Theodore Agnew became the second person to resign the office of vice present of the Untied States. Agnew entered a pleas of no contest to a charge of income tax evasion for contract kickbacks received while he was governor of Maryland and after he became vice president. He was sentenced to pay a $10,000 fine and serve three years probation Agnew was elected vice president twice, serving under President Richard M. Nixon.
1999-A charity auction selling Elvis Presley's belongings was held at The Grand Hotel in Las Vegas. His wristwatch sold for $32,500, a cigar box $25,000, an autographed baseball sold for $19,000 and his 1956 Lincoln Continental went for $250,000.
1999 -Scoring more than 19 NFL teams, the Red Sox establish a major league record for most runs and biggest margin of victory in a post-season game as they rout the Indians, 23-7 to tie the 5-game series at two games apiece.